Appellate Court Sets Deadline in NCUA vs. Barclays

The clock is ticking for the filing of arguments in the appeal of the NCUA vs. Barclays Capital, a case that had been thrown out by U.S. District Judge John W. Lungstrum in Kansas.

Lungstrum, in his July 9 ruling, said the regulator had filed after the statute of limitations had run out.

The case revolves around the sale by Barclays of some $555 million in securities to failed corporate credit unions WesCorp and U.S. Central in 2006 and 2007. It is one of many cases filed by NCUA in the aftermath of the collapse of several big corporate credit unions.

The essence of the NCUA claim is that the securities sold by several banks, Barclays included, were faulty.

Lungstrum, in dismissing the case, did not rule on that claim. His dismissal hinged entirely on the allegation of late filing, a claim the NCUA has disputed.

That led to NCUA’s going to the 10th Circuit Court of Appeal where now a deadline of Aug, 28 has been set for the filing of opening briefs in the Denver court.

NCUA spokesperson John Fairbanks indicated via email that the regulator had no comment.